GRANITE STATE POWER LINK SIGNS MEMORANDUM OF UNDERSTANDING WITH THE TOWN OF WATERFORD

By ALEXANDRA MACLEAN

WATERFORD, Vt. –

The Town of Waterford’s Selectboard signed a Memorandum of Understanding (MOU) with the Granite State Power Link (GSPL) project. The Town of Waterford had previously signed a letter of support for the GSPL. The MOU represents a further level of support for the project as it establishes a formal collaboration between the town and GSPL.

GSPL, a project co-developed by GridAmerica Holdings Inc., an affiliate of National Grid, and Citizens Energy, will help in the transition to a clean, renewable energy future by delivering 1,200 MW of clean, affordable Canadian wind power to New England. Staying adjacent to an existing transmission corridor, GSPL will build approximately 59 miles of new HVDC (direct current) transmission line from a new converter station in northern Vermont to a new converter station in Monroe, New Hampshire. Nearly 53 miles of the line traverses through nine communities in the Northeast Kingdom, running adjacent to the existing Vermont Electric Power Company (VELCO) transmission line, minimizing both environmental and view-shed impacts.

For hosting approx. 2.1 miles of the project, the town of Waterford will directly receive over $1.3 million in local property tax payments over the 40-year life of the project. In addition, over $6.3 million in property taxes will be generated for the Education Fund for the Town of Waterford over the same 40-year span.

“We are pleased to enter into this formal agreement with GSPL,” said Fred Saar of the Waterford Selectboard. “The GSPL is a good project that will provide significant economic benefits to Waterford and the entire Northeast Kingdom with minimal impacts. This project is a win-win for all involved.”

GSPL is committed to maintaining regular communication with the town, coordinating with all appropriate town officials and offices, and maintaining the town’s standards for the environment and roadway conditions, among other provisions.

“The GSPL is thrilled to have entered into this agreement with Waterford and we thank the town for their strong level of support,” said Will Hazelip, Vice President of Business Development, National Grid. “We firmly believe that GSPL’s success relies on collaboration with local host communities. We view the host communities as partners and are committed to ensuring that Waterford and all of the project’s host communities receive significant benefits and a productive working relationship.”

The GSPL has met with all of the project’s host communities along the proposed 53 mile route in Vermont. Several of these towns, including Waterford, Lunenburg, Concord and the Unified Towns and Gores of Essex County have signed letters of support for the project.

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About Granite State Power Link

The Granite State Power Link (GSPL), a project co-developed by National Grid and Citizens Energy, will deliver 1,200 MW of clean, affordable Canadian wind power to New England. Staying within or adjacent to existing transmission corridors, GSPL will build approximately 59 miles of new HVDC (direct current) transmission line from a new converter station in northern Vermont to a new converter station in Monroe, New Hampshire. From Monroe, the interconnection point, approximately 109 miles of existing AC (alternating current) transmission line will be upgraded to a new switching station in Londonderry, New Hampshire.Visit GraniteStatePowerLink.com for more about GSPL.

About National Grid

National Grid (LSE: NG; NYSE: NGG) is an electricity and natural gas delivery company that connects nearly 7 million customers to vital energy sources through its networks in New York, Massachusetts and Rhode Island. It is the largest distributor of natural gas in the Northeast. National Grid also operates the systems that deliver gas and electricity across Great Britain.

Citizens Energy Corporation, a Boston-based non-profit founded in 1979 by former Congressman Joseph P. Kennedy II, has a long history of using revenues from successful commercial energy ventures to finance charitable programs to help the poor. Starting in the oil and natural gas industries, Citizens also launched innovative businesses in the health care, electricity trading, and energy conservation fields. More recently, the company expanded into the solar, wind and transmission industries – in every case using profits from its ventures to help the poor wherever it operates.